UK finance minister confirms end to support for high loan-to-value mortgages
[LONDON] British finance minister Philip Hammond said on Thursday he planned to close a government-backed mortgage guarantee scheme, part of its Help to Buy housing programme, at the end of 2016 as previously scheduled.
Mr Hammond, in a letter to Bank of England Governor Mark Carney which was published on the government's website, said the high loan-to-value mortgage market had become less reliant on the scheme while the government remained committed to the overall Help to Buy programme and other supports for the housing market.
The government of former prime minister David Cameron launched the Help to Buy mortgage guarantee scheme in late 2013 to help home-buyers who could afford mortgage repayments but lacked a large deposit.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say